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Ever worked for a company that was delisted? All's well that ends well. Accepted a new job today. (1 Viewer)

sbonomo said:
I am guessing you are not high enough up the food chain to negotiate a stay bonus.  Any idea if they are going to try and do an 11 or if they are just going strait to liquidating 7?  Make sure they get the wage motion filed first day so that you still get paid.  Report back often.  Oh, and you probably don't have to work as hard now. 
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You are correct. I have a feeling a few of the Execs got the bonus, but a few Director levels have cut bait and left recently. At this point we don't know for certain if it's 11 or 7. From the sound of things, they weren't ready to go public with this news. Regional Managers were told to play dumb when asked by field personnel. 

Friday is payday. I have a feeling that will be the first tipping point as to whether people pick up their pens or pitchforks. 

I decided a couple of months ago that I was going to stick it out. I've been looking locally for something in my field, but things are limited. My daughter has a year and a half of college left and I didn't want to uproot everyone. I'm interested to see how the process works and hope I'm not the first one out the door. 

 
No direction from leadership this morning. Most of my contacts were told not to discuss due to SEC rules. 

Will be a couple of weeks until our 2016 numbers are public, then I expect the formal announcement.

 
Merchandise. Clothing, home goods, etc. 

Not sure why it matters. It's retail. Either you're Walmart, or you're losing market share. Doesn't matter what you sell. If you do it from brick and mortar, you're doing it wrong. 

 
KCitons said:
Looks like we aren't going to make it to the delisting deadline. Someone leaked to the press that bankruptcy is coming by months end. Big wigs scrambling all afternoon with damage control. 

Should be a fun week. 
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You work for HH Gregg?

 
KCitons said:
You are correct. I have a feeling a few of the Execs got the bonus, but a few Director levels have cut bait and left recently. At this point we don't know for certain if it's 11 or 7. From the sound of things, they weren't ready to go public with this news. Regional Managers were told to play dumb when asked by field personnel. 

Friday is payday. I have a feeling that will be the first tipping point as to whether people pick up their pens or pitchforks. 

I decided a couple of months ago that I was going to stick it out. I've been looking locally for something in my field, but things are limited. My daughter has a year and a half of college left and I didn't want to uproot everyone. I'm interested to see how the process works and hope I'm not the first one out the door. 
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I hate it when people tell me how to live my life so I'm really not trying to be that guy BUT I can save you some time and skip to the end of the book. The guys at the top make money on this transaction as they all have golden parachute clauses in their contracts so they don't care. The next level of management will be awarded some kind of compensation package based on them staying until the end if they have a position that the company needs until the end, the rest will be given walking papers and XX weeks compensation based on years of service or something. If there is another level of management they will get something less than the above and then it comes down to the workers. There will be an announcement (hopefully) regarding the process and how it will play out but not guaranteed since word is out already. They may just start cutting back with probably a 2 week comp package for your troubles. If you're in a position they need to the end they will offer something more than a few weeks (maybe the equivalent of managers comp package) to ride it out to the end. Probably make you sign something saying you will stay until they close the doors.

They will also inform everyone of the wonderful opportunity to participate in COBRA after their end date, always a fun conversation when your medical triples or quadruples for less coverage.

'Hope' is not a real solid plan during these things unless you have some inside knowledge of what's going on because things change so quickly based on decisions you have nothing to do with. If the owners can make an extra buck or lose less by walking away tomorrow the doors will lock and you'll be standing outside reading a note with the rest of your co-workers. I don't sense that will happen in your situation but this is a volatile time and you should approach as such.

Good luck man, wish you well. It absolutely sucks but learn from it and move on.

 
KCitons said:
You are correct. I have a feeling a few of the Execs got the bonus, but a few Director levels have cut bait and left recently. At this point we don't know for certain if it's 11 or 7. From the sound of things, they weren't ready to go public with this news. Regional Managers were told to play dumb when asked by field personnel. 

Friday is payday. I have a feeling that will be the first tipping point as to whether people pick up their pens or pitchforks. 

I decided a couple of months ago that I was going to stick it out. I've been looking locally for something in my field, but things are limited. My daughter has a year and a half of college left and I didn't want to uproot everyone. I'm interested to see how the process works and hope I'm not the first one out the door. 
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Good luck with everything. I hope all turns out well.

 
I have no expectations of compensation. I fully expect things to end poorly for most of the good people that work here. 

I've had job offers, but they were less than what I would make on unemployment. So, why lock into making less today? One of the places has told me to come see them whenever I'm ready to come on board. I'm not worried about myself.

 
KCitons said:
I have no expectations of compensation. I fully expect things to end poorly for most of the good people that work here. 

I've had job offers, but they were less than what I would make on unemployment. So, why lock into making less today? One of the places has told me to come see them whenever I'm ready to come on board. I'm not worried about myself.
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By all means ride it out then. It's an education. One of the more valuable things I did in my business career was ride out a company through bankruptcy and see it through to be sold about 3 years after for a billion dollars. Quite the adventure.

 
KCitons said:
I have no expectations of compensation. I fully expect things to end poorly for most of the good people that work here. 

I've had job offers, but they were less than what I would make on unemployment. So, why lock into making less today? One of the places has told me to come see them whenever I'm ready to come on board. I'm not worried about myself.
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If not I'll provide a nice severance dong for you

 
KCitons said:
I have no expectations of compensation. I fully expect things to end poorly for most of the good people that work here. 

I've had job offers, but they were less than what I would make on unemployment. So, why lock into making less today? One of the places has told me to come see them whenever I'm ready to come on board. I'm not worried about myself.
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If that is the case sounds like you need to start actively seeking your next gig.  Not sure how long unemployment last but that coupled with any severance you may receive plus the remaining time at the company seem like enough time to find your next gig.  Good luck! 

 
Official announcement this morning.Chapter 11. WARN notices being issued this afternoon. We have a stalking horse bid (liquidator) at this point. They are wanting to move quickly and have a definitive direction by end of month.

On a side note, I have two leads on potential positions. 

 
This is fascinating. 

It's like watching a guy give live reports from the Titanic as it lurches to and fro and slips into the murky deep.

 
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KCitons said:
Official announcement this morning.Chapter 11. WARN notices being issued this afternoon. We have a stalking horse bid (liquidator) at this point. They are wanting to move quickly and have a definitive direction by end of month.

On a side note, I have two leads on potential positions. 
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Good luck.

If new owners came on board and offered you slightly less than what you are currently making, would you stay? Do you see the company possibly doing well in the future? Was it just poorly managed?

 
eoMMan said:
Good luck.

If new owners came on board and offered you slightly less than what you are currently making, would you stay? Do you see the company possibly doing well in the future? Was it just poorly managed?
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No. I'm underpaid as it is.

No. Brick and mortar is getting killed everywhere. Unless they could find something that Amazon or Walmart doesn't offer.

No. See above. In 2012 we were listed in the top 30 of 100 small cap companies based on sales and earnings growth by Forbes.

We fell far, and we fell fast.

 
KCitons said:
No. I'm underpaid as it is.

No. Brick and mortar is getting killed everywhere. Unless they could find something that Amazon or Walmart doesn't offer.

No. See above. In 2012 we were listed in the top 30 of 100 small cap companies based on sales and earnings growth by Forbes.

We fell far, and we fell fast.
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If a liquidator comes onboard, they usually offer up small bonuses to stay until the end, but at that moment your employment is over with your company and there will be no severance at all.

 
KCitons said:
Official announcement this morning.Chapter 11. WARN notices being issued this afternoon. We have a stalking horse bid (liquidator) at this point. They are wanting to move quickly and have a definitive direction by end of month.

On a side note, I have two leads on potential positions. 
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You have a very limited time there.  If they have the 363 auction ready to go get out now.  Unless you have expertise in the warehouse or accounting they don't need you.  As soon as the sale is complete they will most likely let you go.  Sorry budddy. 

 
Was just given my WARN letter. Worst case scenario (most likely) May 12th.

Rumor is that current vacation and sick leave are still in tact. Was due to receive new vacation on April 9, that's not happening.

I feel a three day cold coming. 

 
sbonomo said:
You have a very limited time there.  If they have the 363 auction ready to go get out now.  Unless you have expertise in the warehouse or accounting they don't need you.  As soon as the sale is complete they will most likely let you go.  Sorry budddy. 
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I have some warehouse experience, but they may keep me on through liquidation for the fraud aspect. I fully expect to be let go on May 12th. Thanks for the concern.

 
Found a couple things of interest today. Every motion is public information out on the web. There is a motion filed by another retail company requesting additional time. And a motion filed by a representative of an individual with substantial wealth. 

Another bonus, my vacation time will renew in 3 weeks. Right around the time we find out our fate.

 
Nugget said:
Best of luck.  
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Thanks. The theory is, two of three results are still bad. If it's another retailer, they won't need most of the people we employ. If it ends up being a liquidator, they won't need any of the people we employ. I'm not a math guy, I wouldn't lay money with those odds.

 
Politician Spock said:
I'm leaning towards Gordmans.
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Yeah that's what I thought.  They mentioned on their website they were #29 in small cap during 2012, plus they are a midwest brand and KCitons is (presumably from the name) a midwest guy.

Best of luck KC, always a stressful time even if you are pretty sure you can land an equal job.

 
Depending on where you live, you wouldn't have. Mostly a Midwest presence. But, the company has been around for over 100 years. I've enjoyed working working here, the people are some of the best I've worked with. It was family owned for most of that time. (That culture is hard to cultivate when you go public and are majority owned by a private equity firm)

Might be part of the reason I'm sticking around. If it was just about money, I'd have left last fall.

 
KCitons said:
Depending on where you live, you wouldn't have. Mostly a Midwest presence. But, the company has been around for over 100 years. I've enjoyed working working here, the people are some of the best I've worked with. It was family owned for most of that time. (That culture is hard to cultivate when you go public and are majority owned by a private equity firm)

Might be part of the reason I'm sticking around. If it was just about money, I'd have left last fall.
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Born and raised in OH, left about 10 years ago after 43 years there and can safely say I never heard of them.

Still doesn't alter the situation, sorry to hear. Bankruptcy always sucks. I was very fortunate to come through the one I went through. I know most end up going the way yours seems to be heading.

 
Tomorrows the last day to submit bids. In case any of you FBG's with deep pockets want to buy a failing Midwest retail company. If there as at least one bid higher than the stalking horse, then it goes to auction the day after tomorrow. We should know our fate by noon on Wednesday. 

At the moment there are 4 bidders/groups of bidders that we know about. 

     1 - The previous owner (grandson of the founder.) He was the President and CEO until he was forced out by the majority shareholding company in 2014. He brought the company back from Chapter 11 in the 90's. His purchase would probably close 30% of stores and keep a majority of employees intact. 

     2 -  A semi-major retailer with over 800 stores. Currently they do not operate in four states where we have a decent presence. This would probably mean the closure of at least half the stores, one Distribution Center, and 99% of people at HQ would be out. 

    3 - Liquidators that are currently the stalking horse bidders. They have been working with team two to make a partial deal. Team two would continue to operate the stores they wanted, while the liquidators would sell off the rest. If they don't work out a deal, and team 3 wins,  everyone and everything is gone. Scorched Earth. 

    4 - A new set of liquidators have arrived. We believe they may be working with team one to liquidate the 30 or so stores. But, they could be looking to grab the whole thing and turn a buck. Like a bad episode of Flip or Flop. (minus the hot chick with the nice rack)

 
Opotion 1 appears to be out. He reached out to people within the company and told them he could not get the funding.

Rumors are it was all or nothing for him. He didn't want to close any stores. No wonder he couldn't get backing.

 
saintfool said:
i'd have a bleeding ulcer with that kind of worry and stress.
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If I was in debt or was living paycheck to paycheck, I'd have an ulcer too.

My son started the Marine Corp Crucible this morning. I'm stressed about that more than work. 

 
Big news today.

Stage Stores (hoping more people have heard of them) is buying between 50 and 57 of the 105 stores. The rest of the stores are liquidating.

I would estimate that most in those stores would remain, 20% of current field personnel, and maybe 10% of corporate will have a job with the new company

 
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